So, what information about a financial asset could be a life-saver for your family?
It’s true – we all spend a lifetime in the rat race of accumulating all kinds of financial assets for our family. When that rat race eventually ends we, no…make that our family, is the one left without a seat on the lifeboat and without life jackets because hey, you never took a minute to tell them about these financial assets that you worked your *** off for.
The result: Your hard-earned money goes into various “unclaimed deposits” and “unclaimed funds” and your family goes into financial disarray.
You can definitely do better by sharing some basic but vital and life-saving financial-life information with your Kutumba (i.e., family).
Here’s what you should share, at a minimum, for each financial asset:
- What financial asset are you sharing? Bank account, fixed deposit, life insurance, retirement account, pension account, etc.
- Where is this financial asset held? Bank, life insurance company, digital vault, trading account, physical file or folder, etc.
- How do you identify this financial asset? Policy number, account number, etc.
- Who’s the nominee for this financial asset? Spouse, daughter, son, mother, father, a combination of people, etc.
- Useful notes about this financial asset. For example, this bank account can be accessed through the banking app on my phone, this life insurance policy can be accessed through the e-insurance app on my phone, etc.
If you do this much for your family, trust us, your family will be much ahead of every other family when it comes to financial-life awareness and financial-life preparedness.
Our app Kutumba can easily get your family into this comfortable position. Kutumba empowers your family with both financial-life awareness and financial-life preparedness by helping you to discover, document, risk-proof, and share your financial-life information with your family.
Sign-up today and do the right thing for your family because champions don’t take chances and you are the champion for your family.
